The problem of tolerance compensation in hose clamps has been recognized for some time, and various solutions have been proposed therefor. For example, U.S. Pat. No. 1,705,895 to Blair suggested zig-zag-shaped cutouts in the band to impart some elasticity to the band. Other configurations in the clamping band to impart some elasticity in the clamping band longitudinal direction are disclosed in U.S. Pat. No. 4,910,832 to Schaub and in German Patent DE 30 18 383 A to Rasmussen. One or more sections consisting of concavely shaped lateral band portions enclosing therebetween an hourglass-shaped opening in the clamping band to provide elasticity in the clamping band longitudinal direction were proposed in my own prior U.S. Pat. No. 4,987,651 relating to a so-called earless clamp. Additionally, similar sections of concavely shaped lateral band portions enclosing therebetween an hourglass-shaped opening were disclosed for hose clamps having one or more so-called "Oetiker" ears in my copending application Ser. No. 07/446,729, filed Dec. 6, 1989 and entitled "Improved Hose Clamp." Common to all of this type of prior art proposals is the fact that they involve cutouts in a planar clamping band so that the clamping band sections remain flat. Moreover, corrugations and undulations have already been proposed heretofore in the prior art to provide for tolerance compensation. For example, the British Patent 778,861 suggested one or more resilient, arcuately shaped compensating portions, also recognizing the problem of possible leakage as a result of the opening underneath these compensating portions. To avoid leakages, this patent also suggested that the arcuate compensating portions either be covered by an underlying end portion of the clamping band or be made of such size and curvature that the arcuate compensating portion will flatten out when the clamp is tightened so that the flattened clamping band then makes good contact with the hose. The French Patent 2,470,275 also suggested that the openings under the undulations either be covered by the underlying band portion or that these undulations be provided with special inwardly extending embossments to avoid leakages. Adopting the teachings of British Patent 1,064,048, mutually offset undulations on opposite sides of a central cut to minimize leakages as a result of the openings underneath the undulations were proposed in European Patent 0 296 918. Undulations in the clamping band can also be found in U.S. Pat. No. 4,308,648 and also in U.S. Pat. No. 4,919,682 which further suggests a longitudinal cut or slit to make the M-shaped clamp portion particularly elastic in the use of hoses or other articles made from hard material such as hard rubber. However, these prior art hose clamps, which were primarily concerned with imparting to the clamping band some elasticity in the longitudinal band direction did not make a clear distinction between tolerance compensation and the holding ability of the clamp as realized by a typical "Oetiker" ear nor were they concerned with the overall spring characteristics of the clamp to assure adequate spring action (spring return movement) to bring the clamp back to its size to assure a predetermined clamping force after the clamp has been expanded as a result of temperature and/or pressure changes of the medium carried by the hose and/or as required by aging of the hose material. All of the prior art clamp constructions failed to take into consideration these differing aspects and their interactions, and in particular failed to recognize the beneficial effects obtained by the combination of a typical "Oetiker" ear and of a tolerance-compensating arrangement with the use of an undulation.